In this paper two characteristics a priori contradictory and yet coexistent in the daily returns of exchange rate euro/US dollar are drawn. The non-stationarity of the covariance structure of the series is shown and, after the extraction of the unstable variance using the algorithm based on the...

This paper addresses the issue of estimating the number of breaks and their locations in the monthly US inflation series using two different approaches to testing for structural changes. The first approach considers Bai and Perron's selection procedure based on a sequence of tests. This approach...

The empirical evidence of the instability based on some selection procedures is explored. The focus is on the problem of choosing the number of structural breaks and their locations for the US inflation series. The obtained results give reason for thinking that they are very significant since...